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Feb 5, 2013
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president obama sees no need for more increases in tax rates. he said that in an interview with cbs news that was broadcast live before the super bowl. mr. obama signed a bill raising rates on higher-income americans last month but this is the first time that he's said that he doesn't intend to extend higher rates to more taxpayers. it's a change from the position that he's held for many months. >> we can't get this done unless we also ask the wealthiest households to pay higher taxes on their incomes above $250,000. >> pelley: that was mr. obama before the election and he made the same points in another way eight weeks ago. >> just to be clear: i'm not going to sign any package that somehow prevents the top rate from going up for folks at the top 2%. >> pelley: but last month he signed a stopgap compromise with congress that raised taxes on families making more than $450,000 a year. as the budget negotiations continue now, we wondered whether he would return to his goal of extending higher rates to families at that $250,000 level. are you throu
president obama sees no need for more increases in tax rates. he said that in an interview with cbs news that was broadcast live before the super bowl. mr. obama signed a bill raising rates on higher-income americans last month but this is the first time that he's said that he doesn't intend to extend higher rates to more taxpayers. it's a change from the position that he's held for many months. >> we can't get this done unless we also ask the wealthiest households to pay higher taxes on...
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Feb 2, 2013
02/13
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how much impact do you think the payroll tax hike is going to have on growth? >> consumers are faced with a drop in real disposable income of more than 2% in the first quarter. that's going to impact spending. that's going to shave at least a percentage point off of g.d.p. growth. >> reporter: and slower growth of course, means less hiring. but many economists believe that will only be a temporary setback to the economy while people adjust, scott. >> pelley: anthony, one of the worst problems in unemployment has been long-term unemployment. have we made a dent in that? >> reporter: scott, there are still 4.7 million people out there who are out of work more than six months, but this is encouraging. the average length a person is unemployed has dropped to 35.3 weeks, and that is now the lowest in more than two years. >> pelley: making a comeback. anthony, thanks very much. the white house is looking to head off a new supreme court battle over health care and specifically the requirement that insurance cover birth control. the administration today proposed a comp
how much impact do you think the payroll tax hike is going to have on growth? >> consumers are faced with a drop in real disposable income of more than 2% in the first quarter. that's going to impact spending. that's going to shave at least a percentage point off of g.d.p. growth. >> reporter: and slower growth of course, means less hiring. but many economists believe that will only be a temporary setback to the economy while people adjust, scott. >> pelley: anthony, one of...
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Feb 6, 2013
02/13
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go into effect, then i believe that they should at least pass a smaller package of spending cuts and tax reforms that would delay the economically damaging effects of the sequester for a few more months until congress finds a way to replace these cuts with a smarter solution. >> pelley: in an interview on sunday, we asked the president about all of this. we found out last week that the economy actually shrank in the last three months of last year. if the federal spending cuts that are on tap for march actually take effect, will that push the country into recession? >> i don't know if it will push the country into recession, but here's what we know. the reason that the economy shrank a little bit, despite the fact that housing is recovering, manufacturing is going strong, car sales are up-- you know, the truth is, is that, overall there were a lot of positive signs in the economy. the big problem was defense spending was cut 22%. that was the biggest drop in 40 years. it was very abrupt. washington cannot continually operate under a cloud of crisis. that freezes up consumers. it gets busi
go into effect, then i believe that they should at least pass a smaller package of spending cuts and tax reforms that would delay the economically damaging effects of the sequester for a few more months until congress finds a way to replace these cuts with a smarter solution. >> pelley: in an interview on sunday, we asked the president about all of this. we found out last week that the economy actually shrank in the last three months of last year. if the federal spending cuts that are on...
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potentially valuable ones include the option to deduct state sales taxes instead of income taxes. so, make sure you have the receipts to get those breaks. you also have another way to lock in tax-free retirement income. under the new law you can convert a traditional 401(k) to a roth 401(k) at any time, assuming your company offers both options. you'll have to pay income taxes on the conversion but your withdrawals in retirement will be 100% tax-free, that's a good move if you're worried about taxes rising. the few taxes increases that did make the cut are on the highest earning households. that's for singles earning $400,000 a year and couples earning $450,000 or more. if you're fortunate enough to be in that group, your best move is to lower your taxable income by maxing out tax deferred options like your 401(k) and iras. of course, those are good moves to make in any year. i'm donna rosato. >> tom: that's "nightly business report" for wednesday, february 6. have a great evening everyone, and you too susie. >> susie: goodnight tom, thanks for watching everyone. we'll see you onl
potentially valuable ones include the option to deduct state sales taxes instead of income taxes. so, make sure you have the receipts to get those breaks. you also have another way to lock in tax-free retirement income. under the new law you can convert a traditional 401(k) to a roth 401(k) at any time, assuming your company offers both options. you'll have to pay income taxes on the conversion but your withdrawals in retirement will be 100% tax-free, that's a good move if you're worried about...
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the 2% payroll tax cut which was intend to be temporary, helped support after-tax income and consumption. in the g.d.p. report we saw 14 quarters in a row of consumption growth. the part that didn't pass would have helped the economy even stronger, to be even stronger >> darren: are we going to hear the president talk about job growth in the state of the union address? >> well, i have worked for the britain long fluff to know not to front-run the state of the union address, but i can tell you job growth economic growth is the president's top priority, that moat varktz for example immigration reform. you will continue to hear from the president his vision for strengthening the economy and creating more jobs. >> darren: we have 12 million people who are unemployed right now. how long until we get down to a more normal number? >> i don't want to make a precise forecast. we'll release our forecast with the budget. but i will say that we'd like to strengthen job growth. over eight million jobs were lost by the recession. so there's a deep hole to dig our way out, and it's important we continu
the 2% payroll tax cut which was intend to be temporary, helped support after-tax income and consumption. in the g.d.p. report we saw 14 quarters in a row of consumption growth. the part that didn't pass would have helped the economy even stronger, to be even stronger >> darren: are we going to hear the president talk about job growth in the state of the union address? >> well, i have worked for the britain long fluff to know not to front-run the state of the union address, but i...
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jeopardy just because folks in washington couldn't come together to eliminate a few special interest tax loopholes. >> reporter: republicans dismissed the calls for more tax increases, and many argue the threat of the automatic spending cuts known as the sequester are the only way to force democrats to accept more spending cuts. but their leverage may be limited. >> i think we will have the sequester for a short period of time, probably until the first civilian employee of the government is furloughed, which might take about a week. and then, that pain may be enough to cause the people on capitol hill and the president to come to some sort of rational deal. >> reporter: the short-term budget fight comes as the medium-term outlook for federal red ink is improving. the congressional budget office figures the deficit will come in at $845 billion this year, the first deficit under $1 trillion since 2008. that's projected to fall to $430 billion in 2015; that's about 2.4% of g.d.p. but the public debt is projected to hit 77% of the economy by 2023. >> countries that find themselves with very
jeopardy just because folks in washington couldn't come together to eliminate a few special interest tax loopholes. >> reporter: republicans dismissed the calls for more tax increases, and many argue the threat of the automatic spending cuts known as the sequester are the only way to force democrats to accept more spending cuts. but their leverage may be limited. >> i think we will have the sequester for a short period of time, probably until the first civilian employee of the...